Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 16,308,000 $ 5,709,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for doubtful accounts 116,000 4,000
Depreciation and amortization 7,834,000 7,533,000
Non-cash lease expense 2,398,000 3,989,000
Share-based compensation expense 2,141,000 1,529,000
Loss on sale of property, plant and equipment 7,000 17,000
Deferred income taxes 1,210,000 474,000
Purchase of trading investment securities (47,000) (69,000)
Proceeds from sale of trading investment securities 221,000 392,000
Realized and unrealized gains on investments (41,000) (181,000)
Foreign exchange losses 354,000 597,000
Loss on write-off of cumulative translation adjustment 0 595,000
Changes in assets and liabilities:    
Accounts receivable (1,692,000) 152,000
Inventories (1,361,000) (4,074,000)
Prepaid expenses and other current assets (798,000) 1,065,000
Other assets (30,000) 469,000
Accounts payable 1,102,000 (1,073,000)
Accrued volume incentives and service fees (1,370,000) (1,096,000)
Accrued liabilities 5,106,000 (5,277,000)
Deferred revenue 295,000 127,000
Lease liabilities (2,276,000) (3,619,000)
Income taxes payable (1,078,000) (880,000)
Liability related to unrecognized tax benefits (1,417,000) (729,000)
Deferred compensation payable (133,000) (142,000)
Net cash provided by operating activities 26,849,000 5,512,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (3,487,000) (4,474,000)
Net cash used in investing activities (3,487,000) (4,474,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments of revolving credit facility 0 (547,000)
Proceeds from revolving credit facility 0 547,000
Proceeds from note payable 5,374,000 0
Principal payments of related party borrowing (243,000) 0
Proceeds from the exercise of stock awards 192,000 60,000
Tax benefit from stock awards (298,000) (193,000)
Net cash provided by (used in) financing activities 5,025,000 (133,000)
Effect of exchange rates on cash and cash equivalents 244,000 (1,013,000)
Net increase (decrease) in cash and cash equivalents 28,631,000 (108,000)
Cash and cash equivalents at the beginning of the period 53,629,000 50,638,000
Cash and cash equivalents at the end of the period 82,260,000 50,530,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes, net of refunds 3,293,000 5,212,000
Cash paid for interest $ 24,000 $ 63,000